If your retirement is approaching, you may well be considering taking on a loan to supplement your pension fund. A lifetime mortgage is perhaps the most efficient and safe strategy by which to increase your income during your senior years, and thus definitely an option that you will want to take into account.

A lifetime mortgage offers you the opportunity to take out a loan that is calculated on the value of the property that you own. This loan is then paid out either as a lump sum, or as a series of monthly instalments. Once the mortgage comes to term and the loan has been distributed in full, the debt is repaid by selling the property against which the money was initially borrowed.

In the same way that there exist Halifax mortgage criteria governing who may or may not be eligible for an ordinary mortgage, there are also a series of conditions that need to be met if you want to take on a lifetime mortgage.  These vary according to the lending party, and it is always a good idea to check them out before you get in contact with the consultants.

Age is perhaps one of the most stringent criteria according to which applicants for a lifetime mortgage are considered. Because this kind of loan is designed to run beyond your lifetime, most companies require that borrowers are over the age of 65. However, certain concessions are made in special cases were this limit might be lowered to 55.

In short, a lifetime mortgage is an excellent means by which to ensure that your retirement years are comfortable and happy. However, it is important to ensure that you qualify to take out this kind of loan before you make any firm arrangements.